Pune, Maharashtra -- (SBWIRE) -- 01/11/2017 -- The electric vehicles market is rapidly growing around the world and are seen as a potential option towards a less carbon intensive road transport. Electric vehicles reduce dependence on petroleum/diesel/gasoline and tap into a source of electricity that is often domestic and relatively inexpensive. This attributes seem to drive the demand for electric vehicle over the forecasting period. With increasing popularity among end users, the global electric vehicles market is projected to grow with double digit CAGR during the period 2016 - 2021.

The major driving factors for electric vehicle market includes governmental incentives in the form of subsidies, no registration tax, no VAT, free parking and no road tax for electric vehicles. The development of more efficient and less costly batteries; increasing trend towards sustainable developments and low operating cost of electric vehicles further fuels the demand for electric vehicles. However, electric vehicle industry faces some challenges as well, such as, high purchasing cost, limited driving range and long recharging time.

In the electric vehicles market, North America captured maximum share of the market till the year 2014. In 2015, Asia and Europe passed the North America to become the largest and second largest regional market for electric vehicles. The Asian EV market is driven particularly by the huge growth in Chinese electric vehicles market. In European countries, the Netherlands and Norway have the highest number of electric vehicle registrations in the period 2011-2015 being followed by France and Germany.

In terms of country analysis, in 2015, China replaced United States to become the market leader with XX% share of the global electric vehicles market. China is likely to remain the leading electric vehicles market throughout the forecasting period. Netherlands and Norway are the third and fourth leading market for electric vehicles in 2015. United Kingdom stands at the fifth spot with xx% share of the global electric vehicles market in 2015 being followed by Germany. France and Japan accounts for xx% and xx% share of the global electric vehicles market respectively in 2015.

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